Actuaries in Morocco are seeking recognition from the government as a profession in line with the status accorded to other professionals in the country.
“Membership in the International Actuarial Association gives us international recognition. But we do not have any status at the national level, Mr Mohamed Amrani, President of the Moroccan Association of Actuaries (AMA), said.
The AMA held a meeting earlier this month on this and other issues of interest including updating of market knowledge, reported L’Economiste.
“In addition to quantitative techniques, the actuary must master not only the financial environment, but also the legal, accounting, tax and commercial aspects,” said Ms Renata De Leers, Executive Director of Actuaries Without Borders. Development courses in areas like risk management, ethics and big data are needed.
The AMA is in contact with the International Actuarial Association to develop a plan for continuing education. “We need to take the profession to an international dimension in order to support the emergence of Casablanca Finance City.” The Moroccan government is developing Casablanca Finance City as a financial gateway for investors looking to access fast-growing markets in Africa, as well as for international businesses to set up headquarters for their regional operations.
Another challenge for actuaries in Morocco remains mortality tables. Those used in Morocco are based on the French model where the results do not conform with the Moroccan reality. They therefore do not allow insurers to provide appropriate levels of provisions. To meet their commitments, insurance companies are obliged to increase the level of reserves above the regulatory minimum.
Source: MiddleEast Insurance Review based on l’Economiste